Corporation Tax Act 2010 section 269C

Overview of Chapter

Section 269C provides an overview of Chapter 3, which restricts the amount of certain deductions a banking company may claim when calculating its taxable total profits for an accounting period.

• Banking companies face restrictions on certain deductions when calculating their taxable total profits for an accounting period
• These banking-specific restrictions apply in addition to the general loss restriction rules in Part 7ZA, which apply to all types of company
• Exceptions to the restrictions exist, along with anti-avoidance provisions to prevent manipulation of the rules
• The definition of a "banking company" for the purposes of these rules is set out separately in section 269B